Results: Christie's YSL Sale Session I

The first session of the Yves St Laurent sale is history, and the results are impressive. The first session realized a total of $262 million with premiums, with three more sales session to come over the next few days. Sales records were broken for individual paintings by Matiesse, Mondrian and Brancusi. A Picasso from his cubist period, carrying one of the higher sales estimates of $31.9 million in the sale failed to sell. Of the 61 lots offered only two lots failed to sell, for nearly a 97% buy through rate.

If you have not yet taken the time to review the sale of fine and decorative arts, I would highly recommend doing so. The collection is not only amazing as to its quality, but also to its size and depth.The first session which contained 61 lots, will be followed by three additional sessions with over 600 additional lots to still cross the podium. The first session with its 61 lots had a pre sale estimate of approximately $164 million, with the realized total with premiums going nearly $100 million over the estimate even without the results from of the bought in Picasso. I will post more results and more in depth analysis on the AW Blog as the information becomes available.

The interest and press coverage of the sale is growing greatly, with many mainstream newspapers picking up the story.

Scott Reyburn of Bloomberg reports that Collectors are watching prices closely at a time when the London-based auction house and its rival Sotheby’s have been cutting jobs. The proportion of lots selling at some auctions -- and prices of works -- have dropped in the economic slump.

“I can now phone up my clients and say there is nothing wrong with the market,” Paolo Vedovi, director of Brussels- based Galerie Vedovi, said in an interview. “I don’t know whether it will affect us as dealers.”

Reyburn continues The first session of the auction in the cast-iron-and-glass space of the Grand Palais, comprising 61 works of Impressionist and modern art, had a presale estimate of at least 128.9 million euros.

The record for a single collection at auction, from 1997, was previously $206.5 million with fees, set with a Christie’s, New York, sale of modern artworks owned by the Manhattan collectors Victor and Sally Ganz.

The BBC also reported on the sale, stating Ahead of the sale, some of the finest works were taken on tour to potential buyers in Brussels, London and New York. Experts hope the sale will give the depressed art market a much-needed boost. A handful of record sales have masked a barren period in the auction world, with prices tumbling and works from some renowned artists failing to find buyers at all.

To read the Bloomberg article click HERE to read the BBC article, click HERE. For an LA Times article, click HERE.